People in developing countries who are struggling to cope with the aftermath of high inflation and unemployment due to covid 19 are moving rapidly towards bitcoin which is affecting their own national currencies.
It also happened in Turkey and India where people are quick to turn to bitcoin and use it as a local currency, and their own currency has hit the lowest level against the dollar that dominateTurkey in other countries of the region.
Bitcoin in Turkey as a local currency
The adoption of Bitcoin in Turkey as a local currency has been on the rise, and the lira is hitting another record low these days and touching 7.96 per dollar, the dollar gain again lira is about 33% and could soon reach 8.7.
The Turkish lira is turning smoky and may fall to new lows due to new US policies, the central bank's lack of credible inflation targeting is one cause of the underlying lira problem.
The adoption rate of Bitcoin in Turkey
According to Professor Steve H. Hanke of Johns Hopkins University in the Department of Applied Economics, the country is suffering due to unemployment that exceeded 14% and high inflation, and hyperinflation said that Turkey's annual inflation is higher than 36.65% and continues to increase.
He said the lira is roasting and the turkey burning their foreign exchange reserves are burning like a house on fire, he also claimed they currently stand at 41.14 billion down from nearly 12 billion since August July.
Expert opinion on the adoption of Bitcoin in Turkey
According to experts in Turkey, the high adoption of the digital currency is attributed to the volatile lira and economic uncertainty in the region, the CEO of the global Bitcoin Peer to Peer market, Paxful, Ray Youssef said
"The rising inflation of the Turkish lira has been a major financial burden for Turkish citizens, Bitcoin can be used to preserve wealth against the instability surrounding the Turkish lira"
According to Youssef, new registrations on its platforms increased in Turkey by 274% in the last 12 months, showing huge potential for Bitcoin adoption. The company also formed a strategic partnership with local digital companies.
Bitcoin consumption in India due to inflation and covid 19
Like other countries, India is also affected by high covid 19 inflation and a large amount of unemployment leads to large adoption of Bitcoin and a high interest in online currency trading.
After lifting the ban on the reserve bank of India with the order of the supreme court, more than 93.9% of the respondents want to invest or start investing in bitcoins, in the circular issued in April 2018, the bank of reserve banned banks from providing crypto services to the business, and finally, after two years of a fight, the ban has finally been lifted.
There are many markets for selling and buying bitcoins with cash or another currency in which an investor can not only earn but can also learn the strategy and many other trading methods to learn more about Bitcoin visit The bitcoin system trading app.
Inflation and Bitcoin in India
Along with the harsh economic crisis, the cryptocurrency market increased very rapidly, there is a record number of new users reported in India because India has great potential and an important place in the future of the digital economy.
As people start to use Bitcoin instead of local currency and US dollars, the value of Indian rupees falls rapidly and that makes the cause of high rates and intense inflation, but when the country fully embraces the new bitcoin system, there will not even be sustainability but also control over the price will also be there
Impact of Covid 19 on Bitcoin in India
There are so many crypto exchanges that are working in India independently to serve a large number of new clients, they reported in different surveys that there is very big growth in new users and trading volume on their platforms during the covid19 crash.
across the country and ignited. by the supreme court decision to remove the reserve bank ban in March, and the trading volume of these companies increased more than 10 times from previous records and saw substantial growth after launching in India
There are so many new exchangers now launching in the country, which not only increases the trade volume but also supports the country's economy and controls inflation.